You are allowed to disagree with the Tax Office, if they have disagreed with your self-assessment of your tax position. If you believe your tax assessment is incorrect, the first step is straight forward and pretty informal. You contact us and we start making enquiries; you may need to provide us with extra information to […]
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Entries by synecticgroup
Once we have lodged your 2014-15 tax return and forwarded your notice of assessment to you saying that everything is as discussed, you may realise that something has been left out of your tax return or accidentally included an extra deduction. You might be left wondering “how do I amend my tax return?”. The Australian […]
Our post-budget wrap up looked at many of the announcements affecting small business with the “Growing Jobs and Small Business” package announced by the government on budget night. You can read more about the small business concessions at business.gov.au. Now the legislation that many small business owners will be glad to see in place has made it through Parliament.
It’s something of a little white lie, isn’t it? — the one told to aspiring small business owners and entrepreneurs that hard work guarantees success. Hard work is vital, but it’s not the only quotient.
In an unprecedented first for small business tax compliance, the Tax Office has revealed it will chase up incorrectly disclosed income and match it to credit card and debit card records throughout the 2014-15 financial year. As part of the blitz, the Tax Office will ask major Australian financial institutions for the online purchase details […]
The small business sector has been described as the engine room of the economy as well as the biggest employer in the country. Tasmania has nearly 40,000 businesses across a range of sectors, across the state, and over 95 per cent of these are small businesses. (Department of State Growth)
The Tax Office has revised its guidance on the taxing of profits made by certain professional firms. The professional businesses within its sights include, but are not limited to, firms operating in the accounting, architectural, engineering, financial services, legal and medical professions.
The Tax Office recently completed a review of SMSF annual returns where distributions from a discretionary trust had been reported. It says a similar review is planned for next financial year. A discretionary trust is one in which the trustee has a discretion to determine the amount of trust income to distribute to each beneficiary.
The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years. A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise […]
In 2014, Telstra announced that it would undertake an off-market share buy-back, with the buy-back results announced on October 6, 2014. The Tax Office says participating shareholders are taken to have disposed of their shares accepted under the Telstra buy-back at that date (CGT event A1). It has released a fact sheet giving advice for Australian […]
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.
Our mission is to help people, businesses and the community prosper.
We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.
A: 49 Best Street, Devonport
P: (03) 6424 1451
A: 30 Burnett Street, North Hobart
P: (03) 6239 4900
A: Suite B, First Floor, 99-103 George Street, Launceston
P: (03) 6337 6777
M: PO Box 6003, Devonport, TAS, 7310